Eddy Solutions partners with FirstService Residential to bring water detection solutions to residential communities

Eddy has partnered with FirstService Residential, North America's leading residential property management company, to bring monitored water detection solutions to FirstService Residential-managed communities in the United States and Canada. The companies entered into a master services agreement on January 7, 2026. Eddy currently monitors 30 of these communities.

Why boards are turning to loss prevention

The partnership arrives as association budgets absorb rapid increases in insurance costs. According to ICE Mortgage Technology, property insurance premiums rose 70% between 2019 and 2025. LendingTree reports that 82% of association members saw their fees rise over the past three years, with 44% describing the increases as significant. Boards control few of those inputs at renewal. Loss prevention is one they can control, considering that association master policies can exclude some water damage sources unless endorsements are added.

Water damage remains one of the most frequent and costly property losses in residential communities, especially high-rises. In Eddy's 2026 State of Water Risk Report, 65% of leaks in multi-unit residential buildings started after business hours, with 2 AM identified as the single busiest hour for major leaks, the ones with the most destructive potential. Interior water damage claim severity rose 8% between 2019 and 2023, according to Verisk, and boards are feeling the impact at renewal through rising premiums and water deductibles.

What the partnership includes

Through the partnership, boards and property managers in FirstService communities have access to water detection solutions designed for condominiums and high-rises. This includes Eddy's wireless 3-in-1 sensors, which monitor for water, temperature, and humidity at high-risk points such as domestic water risers, heat exchangers, and leak-prone appliances. The sensors can provide real-time alerts when water is detected, including identifying the location of the event.

The system sends alerts by text and email, while automated shutoff valves can respond to configured thresholds. Eddy's monitoring service can also follow up with designated building contacts to assist with response and document events through a Leak Incident Report. Together, these capabilities are designed to provide a coordinated response to water events rather than simply an alert.

As of June 30, 2026, Eddy had 145,127 in-building devices installed across its operations, representing an approximately 20% increase from 120,804 devices as of June 30, 2025.

What the companies said

“Property managers are the first call when a building floods at 2 AM, and the last to get credit when nothing floods at all. Partnering with FirstService Residential puts monitored water protection in front of communities that invest heavily in preventative maintenance, with the documentation their boards and managers need to see the results.”

Cory Silver, President, Eddy Solutions

“Water detection solutions provide a proactive way to identify issues early, reduce disruption for residents, and help protect long-term property value. This offering reflects our commitment to smarter risk management and stronger outcomes for the communities we serve.”

Andrew Lester, President, FirstService Financial

Monitored buildings at insurance renewal

Monitored buildings are increasingly being evaluated differently at insurance renewal. Premium savings of up to 20% have been documented across operator portfolios using managed water protection, while deductible reductions of up to 80% have been documented at individual properties. Every monitored event can generate documentation that a broker can present to an underwriter as part of the program.

Eddy announced the partnership in a news release on November 3, 2026. Read the full release on GlobeNewswire.